Blink Charging Co (BLNK) 2023 Q3 法說會逐字稿

Greetings. Welcome to the Blink Charging Co., third-quarter 2023 earnings call. (Operator Instructions) Please note that this conference is being recorded.

問候。歡迎參加 Blink Charging Co. 2023 年第三季財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Vitalie Stelea, VP of Investor Relations. You may begin.

現在我將會議交給東道主投資者關係副總裁維塔利·斯特萊亞 (Vitalie Stelea)。你可以開始了。

Thank you, Kelly. Welcome to Blink's third-quarter 2023 earnings call. On the line today, we have Brendan Jones, President and CEO; and Michael Rama, Chief Financial Officer.

謝謝你，凱利。歡迎參加 Blink 2023 年第三季財報電話會議。今天，我們有總裁兼執行長布倫丹瓊斯 (Brendan Jones) 主持節目。和首席財務官邁克爾·拉瑪。

The discussions today will include non-GAAP references. These are reconciled to the most comparable US GAAP measures in the appendix of our earnings deck. You may find the deck along with the rest of our earnings materials and other important content on Blink's Investor Relations website.

今天的討論將包括非公認會計準則參考。這些數據與我們收益表附錄中最具可比性的美國公認會計準則衡量標準進行了調整。您可以在 Blink 的投資者關係網站上找到該簡報以及我們其餘的獲利資料和其他重要內容。

Today's discussion may also include forward-looking statements about our expectations. Actual results may be different from those stated, and the most significant factors that could cause actual results to differ are included on page 2 of the third-quarter 2023 earnings deck. Unless otherwise noted, all comparisons are year over year.

今天的討論也可能包括有關我們期望的前瞻性陳述。實際結果可能與所述不同，並且可能導致實際結果不同的最重要因素包含在 2023 年第三季收益表的第 2 頁。除非另有說明，所有比較均為逐年比較。

Now regarding the Investor Relations calendar. Blink will attend the UBS Industrial Summit on November 29 in Palm Beach, Florida; and Needham 26th Annual Growth Conference on January 16 of 2024. Please follow our announcements for additional investor events in the future.

現在談談投資者關係日曆。 Blink將出席11月29日在佛羅裡達州棕櫚灘舉行的瑞銀工業高峰會；以及 2024 年 1 月 16 日舉行的 Needham 第 26 屆年度成長大會。請關注我們的公告，以了解未來更多的投資者活動。

I will now turn the call over to Brendan Jones, President, CEO, Blink Charging. Brendan, please go ahead.

我現在將把電話轉給 Blink Charging 總裁兼執行長 Brendan Jones。布蘭登，請繼續。

Thanks, Vitalie, and good afternoon, everyone. Thanks for joining us today. We're going to jump right into the presentation. So our third-quarter performance surpassed our second-quarter results to take over the title of the best quarter in the history of Blink.

謝謝維塔莉，大家下午好。感謝您今天加入我們。我們將直接進入演示。因此，我們第三季的業績超過了第二季的業績，奪得了 Blink 史上最佳季度的稱號。

Now let's put that in the context. The third-quarter 2023 consolidated revenue increased more than 150% to $43.4 million as compared to $17.2 million in the third quarter of 2022. Now this was driven by increased demand for both our products and services, as well as Blink's ability to cater to our customers, needs, and timelines.

現在讓我們把它放在上下文中。 2023 年第三季的合併收入成長超過150%，達到4,340 萬美元，而2022 年第三季為1,720 萬美元。現在，這是由於對我們的產品和服務的需求增加，以及Blink 滿足我們需求的能力所推動的。客戶、需求和時間表。

We also wanted to note that in the first nine months, Blink has already generated $98 million in revenue, putting us significantly ahead of our full-year 2022 revenue of -- that was $61.1 million. And we still have another quarter of revenues yet to get to. So these are quite impressive results, and we actually significantly beat a quarter that was our best quarter in the history. So great job to the team.

我們還想指出，在前 9 個月，Blink 已經產生了 9,800 萬美元的收入，使我們大大領先 2022 年全年的 6,110 萬美元收入。我們還有四分之一的收入尚未實現。因此，這些結果非常令人印象深刻，我們實際上顯著擊敗了歷史上最好的季度。團隊的工作非常出色。

Now when we shift and look at our service revenue, it increased by 119% to $6.7 million. Charging service revenue increased 207% to $3.9 million compared to $1.3 million in the third quarter of 2022. Now that represents a $2.6 million increase in charging revenue at a 62% gross margin.

現在，當我們轉向並查看我們的服務收入時，它增加了 119%，達到 670 萬美元。充電服務收入成長 207%，達到 390 萬美元，而 2022 年第三季為 130 萬美元。現在，這意味著充電收入增加了 260 萬美元，毛利率為 62%。

We also recorded a 36% increase in network fees to $2 million for the quarter. Our network fees are recurring by nature and represent a reliable, high-margin revenue stream as we continue to build the foundation for our continued growth.

本季網路費用也增加了 36%，達到 200 萬美元。我們的網路費用本質上是經常性的，在我們繼續為持續成長奠定基礎的過程中，它代表了可靠的高利潤收入來源。

Blink company-wide margin in the third quarter of 2023 was 29.5%, or $12.8 million. On a year-over-year basis and in absolute dollar terms, this represents an increase of $8.3 million in gross profit in Q3. This gross margin and profit increase demonstrates our success in increasing service revenues, managing our manufacturing costs and expenses, and of course, selling more chargers.

2023 年第三季度，Blink 全公司利潤率為 29.5%，即 1,280 萬美元。與去年同期相比，以絕對美元計算，這意味著第三季的毛利增加了 830 萬美元。毛利率和利潤的成長表明我們在增加服務收入、管理製造成本和費用以及銷售更多充電器方面取得了成功。

Scaling our business is key to unlocking further margin expansion as we move forward. Now we contracted, sold, or deployed 5,965 (sic - see slide 4, "5,956") chargers globally in the third quarter. Notably, we are seeing a long-term trend with increased sales of our DC Fast Chargers as they grow to a larger proportion of our revenue mix.

隨著我們的發展，擴大業務規模是進一步擴大利潤率的關鍵。現在，第三季我們在全球簽約、銷售或部署了 5,965 個充電器（原文如此 - 請參閱投影片 4，「5,956 個」）。值得注意的是，我們看到了一個長期趨勢，即直流快速充電器的銷售量不斷增加，因為它們在我們的收入組合中所佔的比例越來越大。

To give you some additional context around that, Blink chargers dispersed approximately 16.2 gigawatts of energy across all Blink's networks globally. Now as a reminder, when we look at the Blink network, gigawatts dispersed via Blink's owned and operated network model comes at a lower cost versus our competitors due to the predominant L2 nature of these installations, which require significantly lower CapEx investment, and the operating expense is greatly reduced as well.

為了給您一些額外的背景信息，Blink 充電器在全球所有 Blink 網路中分散了大約 16.2 吉瓦的能量。現在提醒一下，當我們查看Blink 網路時，透過Blink 自有和營運的網路模式分散的千兆瓦的成本比我們的競爭對手更低，因為這些安裝的L2 性質占主導地位，需要顯著降低的資本支出投資，且營運成本較低。費用也大大減少。

To date, in 2023, we have two record-breaking quarters, with Q3 2023 representing Blink's strongest revenue quarter in the history of the company. Last quarter, we used the word momentum to describe our tremendous progress in 2023, and that description of our business trajectory remains on point. As we move through the close of this year, we are focused on increasing that momentum and the pace we've gathered to drive our continued growth and financial progress.

迄今為止，2023 年我們已經有兩個季度破紀錄，其中 2023 年第三季是 Blink 公司史上最強勁的營收季度。上個季度，我們使用「動力」一詞來描述我們在 2023 年取得的巨大進步，並且對我們業務軌蹟的描述仍然切中要害。隨著今年年底的到來，我們的重點是增強這一勢頭和步伐，以推動我們的持續成長和財務進步。

Now let's jump over to slide 5. You will see on slide 5 that we are increasing our revenue target for the end of the year. We are now targeting revenue between $128 million and $133 million dollars versus our previous target of $110 million to $120 million. This new target is based on our current marketplace visibility, our pipeline, and our backlog of sales. Additionally, we would like to reiterate our full 2023 gross margin target of 30%-plus percent with some expected margin accretion into 2024.

現在讓我們跳到投影片 5。您將在投影片 5 上看到我們正在提高年底的收入目標。我們現在的目標收入為 1.28 億至 1.33 億美元，而先前的目標為 1.1 億至 1.2 億美元。這個新目標是基於我們目前的市場知名度、我們的管道和我們的積壓銷售。此外，我們重申 2023 年毛利率目標為 30% 以上，預計到 2024 年利潤率還會增加。

If we jump on to slide 6 now. With our second consecutive quarter of record results, we are reconfirming our commitment to targeting a positive adjusted EBITDA run rate by December 2024. We believe our achievements this quarter directly reflect the success of synergies, the vertical integration we've been doing, proactive cost-saving actions, comprehensive product portfolio, and positive trends in our revenue backlog. Importantly, these factors will continue to provide us with tailwinds as we go into 2024.

如果我們現在跳到投影片 6。隨著我們連續第二季創紀錄的業績，我們再次確認我們的承諾，即到2024 年12 月實現正調整EBITDA 運行率。我們相信，我們本季的成就直接反映了協同效應、我們一直在進行的垂直整合、主動成本的成功- 節約行動、全面的產品組合以及我們積壓的收入的積極趨勢。重要的是，當我們進入 2024 年時，這些因素將繼續為我們提供有利條件。

On slide 7, we are able to scale our revenue and achieve higher gross margin because Blink is the only fully vertically integrated US-based full-service EV infrastructure provider. And we said this many, many times. As such, we design and manufacture our charging equipment and we manage our own network. This allows us to provide a full suite of capabilities to customers who want to either own their own chargers and subscribe to our network, and also to site hosts that want us to own and operate the chargers on their land and hybrids in between that with our hybrid model.

在幻燈片 7 中，我們能夠擴大收入並實現更高的毛利率，因為 Blink 是唯一完全垂直整合的美國全方位服務電動車基礎設施供應商。我們說過很多很多次了。因此，我們設計和製造我們的充電設備並管理我們自己的網路。這使我們能夠為想要擁有自己的充電器並訂閱我們的網絡的客戶，以及希望我們在他們的土地上擁有和操作充電器以及與我們的混合動力車之間的站點主機提供全套功能。混合模型。

Our ability to provide flexible models is a unique component of our business, and it provides us with a competitive advantage over other companies. On Blink's network, we upgraded it last year, and that upgrade continues to drive growth for the company.

我們提供靈活模型的能力是我們業務的獨特組成部分，它為我們提供了相對於其他公司的競爭優勢。在 Blink 的網路上，我們去年對其進行了升級，這次升級將繼續推動公司的成長。

In the third quarter, we saw a lower maintenance requirement and lower ongoing cost when compared to legacy networks and other competing networks that are more fragmented. During the last couple of months of 2023, we will continue to integrate the remaining networks in the UK and Europe, generating additional operating savings as we move through 2024.

在第三季度，與傳統網路和其他更分散的競爭網路相比，我們發現維護要求較低，持續成本也較低。在 2023 年的最後幾個月，我們將繼續整合英國和歐洲的剩餘網絡，在 2024 年實現額外的營運節省。

Our record quarter is evident that our business model and our disciplined plan to achieve continuous improvement are working. We employ what we call a holistic approach to executing our growth initiative by combining market analysis with a careful evaluation of industry data and EV charging trends to identify our path forward as we drive towards profitability.

我們創下的季度記錄表明，我們的業務模式和實現持續改進的嚴格計劃正在發揮作用。我們採用所謂的整體方法來執行我們的成長計劃，將市場分析與對行業數據和電動車充電趨勢的仔細評估相結合，以確定我們在實現盈利的過程中的前進道路。

Next on slide 8, you can see the long-term forecast of growth for electric vehicles and EV chargers globally. As we stated before, we believe that the charging landscape is tremendously underserved. It is anticipated that there will be a need for up to 490 million chargers by 2040 globally, representing growth over 30 times the current level today. Blink has the team and technology to play a significant role in leading this expansion and gaining our fair share of them -- our unfair share, I should say, of the market.

接下來在第 8 張投影片上，您可以看到全球電動車和電動車充電器的長期成長預測。正如我們之前所說，我們認為充電領域的服務嚴重不足。預計到 2040 年，全球充電器的需求將達到 4.9 億個，是目前水準的 30 倍以上。 Blink 擁有的團隊和技術可以在引領這一擴張並獲得我們的公平份額方面發揮重要作用——我應該說，我們不公平的市場份額。

If you move now to slide 9, we provide some context here around the significant opportunity of the ongoing transition to EVs globally. Through September of 2023, EVs grew to 8% of new car sales sold in the United States. In California, 22% of all new cars were EVs, with Washington and Oregon trailing right behind that. In October, the percentage of new vehicle shopper's very likely to consider a full battery electric vehicle reached an all-time high of 29.2%.

如果您現在轉到投影片 9，我們將在此提供一些有關全球持續向電動車轉型的重大機會的背景資訊。截至 2023 年 9 月，電動車占美國新車銷量的比例已增至 8%。在加州，所有新車中 22% 是電動車，華盛頓州和俄勒岡州緊隨其後。 10月份，新車購買者很可能考慮純電動車的比例達到29.2%的歷史新高。

Now on a worldwide basis, consumers spent approximately $400 billion on EVs in 2022. There are over 40 EV models available in the US currently, with 75 more coming to the market between 2024 and 2030. The United States alone is expected to add 1 million new EVs to its road by the end of this year, and thus far they're on target. And many fleets prefer EVs over internal combustion engines because they save about 30% on the total cost of ownership.

目前，在全球範圍內，消費者到2022 年將在電動車上花費約4,000 億美元。目前美國有40 多種電動車型號，2024 年至2030 年間還將有75 種電動車上市。僅美國預計將增加100 萬輛到今年年底，新的電動車就會上路，到目前為止，它們已經達到了目標。與內燃機相比，許多車隊更喜歡電動車，因為電動車可以節省約 30% 的總擁有成本。

Globally, and this is a big number here, OEMs committed to over $600 billion in total EV investments from 2023 to 2027, with most of those investments made five years in advance of production. But despite various industry reports, we expect the EV market to continue to grow, and we view competition as a positive catalyst for EV consumers in the US and globally. It's simple. The more EVs that are produced and deployed, the cheaper they become to own and operate, significantly benefiting Blink and the entire EV infrastructure market.

在全球範圍內，這是一個很大的數字，原始設備製造商承諾從 2023 年到 2027 年對電動車進行超過 6000 億美元的總投資，其中大部分投資是在生產前五年進行的。但儘管有各種行業報告，我們預計電動車市場將繼續成長，我們認為競爭對美國和全球電動車消費者來說是積極的催化劑。這很簡單。生產和部署的電動車越多，擁有和營運它們的成本就越低，這使 Blink 和整個電動車基礎設施市場受益匪淺。

Moving on now to slide 10. Charger installations are projected to grow to over 30 million chargers by 2030 and to over 90 million chargers by 2040, equating to approximately $100 billion investment by 2040. It's also important to note that 30 million number is based on a 35% EV penetration rate.

現在轉到幻燈片10。預計到2030 年，充電樁安裝量將超過3000 萬個，到2040 年將超過9000 萬個，相當於到2040 年投資約1000 億美元。還需要注意的是，3000 萬個數字是基於35% 的電動車普及率。

Especially notable, according to McKinsey, PricewaterhouseCooper, Bloomberg New Energy Finance, over 90% of new chargers are forecasted to be Level 2 chargers, creating another immense opportunity for Blink. And to remind you, Blink can provide and support both CCS and next charging standards. Tesla customers are already our largest segment by brand for L2 charging. And we see the transition to NACS as an opportunity to expand our addressable market for DC fast charging significantly.

尤其值得注意的是，根據麥肯錫、普華永道、彭博新能源財經的數據，預計超過 90% 的新充電器將是 Level 2 充電器，這為 Blink 創造了另一個巨大的機會。並提醒您，Blink 可以提供並支援 CCS 和下一代充電標準。特斯拉客戶已經是我們 L2 充電品牌中最大的細分市場。我們認為向 NACS 的過渡是一個顯著擴大直流快速充電潛在市場的機會。

You can see on slide 11 that DC Fast Chargers continued to be a growing part of our business, with 1,435 DC Fast Chargers contracted and sold in the first nine months in 2023. Approximately, $27 million in revenue so far this year can be attributed to DC Fast Charger sales. Now, while we expect that LTE chargers will continue to represent the majority of our installed chargers in the near term, we are pleased to see the growth in DC Fast Charger sales.

您可以在幻燈片11 中看到，直流快速充電器繼續成為我們業務中不斷增長的一部分，2023 年前9 個月簽約並銷售了1,435 個直流快速充電器。今年迄今為止約2700 萬美元的收入可歸因於直流快速充電器銷售。現在，雖然我們預計 LTE 充電器在短期內將繼續占我們已安裝充電器的大部分，但我們很高興看到直流快速充電器銷售的成長。

On slide 12, you can see our innovative product portfolio, which had advanced and flexible solutions for both Level 2 charging and high-powered DC fast charging. The variety of products we offer appeals to a broad and diverse range of customers, ensuring that we are prepared for the global increase in EV demand.

在投影片 12 上，您可以看到我們的創新產品組合，其中包含適用於 2 級充電和高功率直流快速充電的先進且靈活的解決方案。我們提供的各種產品吸引了廣泛且多樣化的客戶，確保我們為全球電動車需求的成長做好準備。

On slide 13, in the third quarter, Blink contracted, sold, or deployed or acquired 5,956 chargers, both domestically and internationally, bringing the total charger account for the company to nearly 85,000 chargers since Blink's inception.

在投影片 13 上，第三季度，Blink 在國內和國際承包、銷售、部署或收購了 5,956 個充電器，使自 Blink 成立以來該公司的充電器總數達到近 85,000 個。

Now, as we've said, we've given you these percentages. So right now, 78% of the company-wide number is attributed to North America and 22 is to international locations, predominantly in Europe, England, Ireland, the Netherlands, Belgium, and several others.

現在，正如我們所說，我們已經向您提供了這些百分比。目前，全公司 78% 的員工來自北美，22% 來自國際地區，主要分佈在歐洲、英國、愛爾蘭、荷蘭、比利時和其他幾個國家。

Slide 14 shows a representative group of our customer base, including many recognizable names across commercial entities, multifamily complexes, [planet] communities, healthcare facilities, fleets, and municipalities around the world.

幻燈片 14 顯示了我們客戶群的代表性群體，包括世界各地商業實體、多戶綜合體、[地球]社區、醫療機構、車隊和市政當局的許多知名品牌。

Now just to name a couple, during the quarter, we were pleased to announce partnerships with Royal Farms convenience stores with Parkopedia, a leading global connected car and parking service provider, and with Arcos Dorados, the largest independent McDonald's franchise in the world. We also increased our geographic density by adding our first chargers in El Salvador and Puerto Rico.

僅舉幾個例子，在本季度，我們很高興地宣布與 Royal Farms 便利商店、全球領先的聯網汽車和停車服務提供商 Parkopedia 以及全球最大的獨立麥當勞特許經營店 Arcos Dorados 建立合作夥伴關係。我們還透過在薩爾瓦多和波多黎各添加第一批充電器來增加我們的地理密度。

So with this and a lot of data we provided, I will now pass the presentation on to Michael Rama, our CFO.

有了這些以及我們提供的大量數據，我現在將把簡報轉交給我們的財務長 Michael Rama。

Thank you, Brendan, and good afternoon, everyone.

謝謝布倫丹，大家下午好。

Now turning to slide 16. Total revenue in the third quarter of 2023 grew 152% year over year to $43.4 million. In the nine months ended September 30, 2023, total revenue grew 154% to $97.9 million.

現在轉向投影片 16。2023 年第三季的總營收年增 152%，達到 4,340 萬美元。截至 2023 年 9 月 30 日的九個月中，總營收成長 154% 至 9,790 萬美元。

Product sales in the third quarter of 2023 were $35.1 million, an increase of 162% over the same period in 2022. In the nine months ended September 30, 2023, product sales were $76 million, a growth of 151% over the same period in 2022. This is due to customers purchasing greater volumes of our commercial L2 and DC Fast Chargers.

2023年第三季產品銷售額為3,510萬美元，較2022年同期成長162%。截至2023年9月30日的九個月內，產品銷售額為7,600萬美元，較2022年同期成長151% 2022年。這是由於客戶購買了更多我們的商用L2 和直流快速充電器。

Third-quarter 2023 service revenues, which consist of charging service revenues, network fees, and car-sharing revenues, were $6.7 million, an increase of 119% compared to the third quarter of 2022. For the nine months ended September 30, 2023, service revenues were $18.5 million, an increase of 171%. The year-over-year growth was primarily driven by greater utilization of our chargers in the US and internationally, the increased number of charges on Blink networks, and revenues associated with the Blink mobility car-sharing program.

2023年第三季服務收入（包括充電服務收入、網路費用和汽車共享收入）為670萬美元，較2022年第三季成長119%。截至2023年9月30日的九個月，服務收入為1850 萬美元，成長171%。年比成長的主要原因是我們的充電器在美國和國際上的使用率提高、Blink 網路充電次數的增加以及與 Blink 行動汽車共享計劃相關的收入。

Gross profit for the third quarter of 2023 is approximately $12.8 million, an increase of 167%, or $8.3 million, over the same period last year. As a percentage of revenue, gross margin was 29.5% in Q3 2023 compared to 27.7% in the same period of the prior year.

2023年第三季毛利約1,280萬美元，較去年同期成長167%，即830萬美元。以佔營收的百分比計算，2023 年第三季的毛利率為 29.5%，而去年同期為 27.7%。

Now for the nine months ended September 30, 2023, gross profit was approximately $29.6 million, an increase of 256%, or $21.3 million, over the same period last year. Now as a percentage of revenue, gross margin was 30.3% compared to 21.6% in the same period last year for the entire year.

截至2023年9月30日的九個月，毛利約為2,960萬美元，比去年同期成長256%，即2,130萬美元。目前，全年毛利率佔營收的百分比為30.3%，去年同期為21.6%。

As mentioned by Brendan earlier, our strategy of vertical integration and insourcing of manufacturing, as well as cost avoidance and cost optimization efforts have contributed to the continuous increases in our gross profit and margins, and we're not done yet.

正如Brendan之前提到的，我們的垂直整​​合和製造內包策略，以及成本規避和成本優化努力，幫助我們的毛利和利潤率持續成長，而且我們還沒有完成。

Operating expenses in the third quarter of 2023 were $123.5 million compared to $29.3 million in the prior year. Operating expenses in the nine months ended September 30, 2023, were $211.2 million compared to $69.8 million in the same period in the prior year.

2023 年第三季的營運支出為 1.235 億美元，而上一年為 2,930 萬美元。截至 2023 年 9 月 30 日的九個月營運費用為 2.112 億美元，而去年同期為 6,980 萬美元。

The elevated operating expense number in Q3 2023 includes a non-cash goodwill and intangible asset impairment charge of $94.2 million related to a quantitative impairment analysis, which determine that the fair value of all reporting units within the company were less than the carrying amount. It is very important to mention and note here that these impairment charges are non-cash, and they do not, I repeat, do not impact the operations of our business in any shape or form.

2023 年第三季營運費用增加，包括與定量減損分析相關的 9,420 萬美元非現金商譽和無形資產減損費用，該分析確定公司內所有報告單位的公允價值低於帳面金額。在此必須提及並注意的是，這些減損費用是非現金的，我再說一遍，它們不會以任何形式影響我們業務的營運。

Excluding these impairment charges from our operating results for the third quarter of 2023, our business operating expenses remained flat, year over year at $29.3 million. This amount, including the operating expenses for 2023, includes the acquisition expenses of Envoy, or expenses related to the Envoy acquisition of $1 million.

從 2023 年第三季的營運績效中剔除這些減損費用，我們的業務營運支出與去年同期持平，為 2,930 萬美元。這筆金額，包括 2023 年的營運費用，包括 Envoy 的收購費用，或與 Envoy 收購相關的費用 100 萬美元。

Meanwhile, we increased our Q3 revenue by $26 million year over year, that is a 152% increase in revenue, while keeping operating expenses flat. We achieved that through synergies and continuous improvement efforts to grow revenue and optimize our cost footprint.

同時，我們第三季的營收年增了 2,600 萬美元，營收成長了 152%，同時營運費用保持不變。我們透過協同效應和持續改進努力來增加收入並優化我們的成本足跡，從而實現了這一目標。

Now adjusted EBITDA for the third quarter of 2023 was a loss of $11.7 million compared to a loss of $17.6 million in the prior-year period. This is an improvement of $5.9 million year over year. Now sequentially, Q3 2023 adjusted EBITDA improved by $1.8 million compared to the prior quarter.

目前，2023 年第三季調整後 EBITDA 虧損 1,170 萬美元，而上年同期虧損 1,760 萬美元。這比去年同期增加了 590 萬美元。現在，2023 年第三季調整後的 EBITDA 比上一季增加了 180 萬美元。

As a percentage of sales, our Q3 adjusted EBITDA improved 1,700 basis points year over year. We expect this trend to continue as we increase volume and our gross profit and realize more of the business savings through our continuous improvement plan that Brendan mentioned earlier.

以佔銷售額的百分比計算，我們第三季調整後的 EBITDA 年比提高了 1,700 個基點。我們預計這種趨勢將持續下去，因為我們增加了銷量和毛利，並透過布倫丹之前提到的持續改進計劃實現了更多的業務節省。

Now in the nine months ended September 30, 2023, adjusted EBITDA was a loss of $43 million, a decrease from a loss of $45.6 million in the same period of last year. The adjusted EBITDA for the three and nine months ended September 30, 2023 excludes the impact of stock-based compensation, acquisition-related costs, one-time non-recurring expense, non-cash impairment charges, and a non-cash loss on the extinguishment of the note payable.

截至2023年9月30日的九個月中，調整後的EBITDA為虧損4,300萬美元，較去年同期的虧損4,560萬美元減少。截至 2023 年 9 月 30 日的三個月和九個月的調整後 EBITDA 不包括股票薪酬、收購相關成本、一次性非經常性費用、非現金減損費用和非現金損失對公司的影響。應付票據的消滅。

Now, earnings per share for the third quarter of 2023 was a loss of $1.74 per diluted share compared to a loss of $0.51 per diluted share in the prior-year period. In the nine months ended September 30, 2023, the earnings per share was a loss of $3.02 per share compared to a loss of $1.39 per share in the same period of the prior year. Please note that the impact of the non-cash accounting adjustments to our goodwill and intangible assets negatively impacted Q3 and year-to-date earnings per share by $1.54.

現在，2023 年第三季稀釋後每股收益為每股虧損 1.74 美元，而去年同期稀釋後每股虧損為 0.51 美元。截至2023年9月30日的九個月，每股盈餘為每股虧損3.02美元，而上年同期為每股虧損1.39美元。請注意，非現金會計調整對我們的商譽和無形資產的影響對第三季和年初至今的每股盈餘產生了 1.54 美元的負面影響。

Adjusted earnings per share for the third quarter of 2023 was a loss of $0.16 per share compared to a loss of $0.47 per diluted share in the prior-year period. In the nine months ended September 30, 2023, the adjusted earnings per share was a loss of $1.15 per share compared to a loss of $1.23 per share in the same period of the prior year.

2023 年第三季調整後每股盈餘為每股虧損 0.16 美元，去年同期攤薄後每股虧損為 0.47 美元。截至2023年9月30日的九個月，調整後每股盈餘為每股虧損1.15美元，而去年同期為每股虧損1.23美元。

Non-GAAP adjusted earnings per share is defined as adjusted net income, which excludes the impact of stock-based compensation, acquisition-related costs, one-time non-recurring expense, non-cash impairment charges, and the non-cash loss on the extinguishment of a note payable, divided by the weighted shares outstanding.

非公認會計準則調整後每股收益定義為調整後淨利潤，其中不包括股票薪酬、收購相關成本、一次性非經常性費用、非現金減值費用以及非現金損失的影響。應付票據的消滅除以已發行加權股份。

Now turning on to page 17 or slide 17. You could see that in Q3, we are continuing the trend we saw in the second quarter of increased gross profit when compared to our historic results. This is primarily due to the high demand for our chargers, our ability to meet the increased demand, and generally increased utilization. Our strategy of increasing our in-house manufacturing is boosting margins, and we expect to see the benefit reoccurring and expanding in the long term.

現在翻到第 17 頁或投影片 17。您可以看到，在第三季度，與我們的歷史業績相比，我們延續了第二季度毛利增加的趨勢。這主要是由於對我們的充電器的高需求、我們滿足不斷增長的需求的能力以及普遍提高的利用率。我們增加內部製造的策略正在提高利潤率，我們預計從長遠來看，這種效益會再次出現並擴大。

We ended the third third quarter with cash and cash equivalents in the amount of $66.7 million. Our cash burn in the third quarter was $17 million, which was significant improvement from Q1 of $28 million -- or Q1 of 2023 at $28 million and Q2 of 2023 of $47 million.

截至第三季末，我們的現金和現金等價物金額為 6,670 萬美元。我們第三季的現金消耗為 1,700 萬美元，比第一季的 2,800 萬美元（即 2023 年第一季的 2,800 萬美元和 2023 年第二季的 4,700 萬美元）有了顯著改善。

We have flexibility in terms of strengthening our balance sheet as we move forward. We have an outstanding ATM of $230 million and are engaged in exploring other opportunities. Our goal has been to demonstrate the strong operating results of Blink's business along with profit generation potential as we entertain additional sourcing of shareholder-friendly funding.

隨著我們的前進，我們在加強資產負債表方面具有靈活性。我們擁有價值 2.3 億美元的未償還 ATM，並致力於探索其他機會。我們的目標是展示 Blink 業務的強勁營運績效以及獲利潛力，因為我們接受更多有利於股東的資金來源。

Our management team is focused on prioritizing sustained profitability and achieving positive adjusted EBITDA run rate by December 2024 through revenue growth, gross margin expansion, cost savings, and streamlining our processes to foster a culture of continuous improvements. This second consecutive quarter of a record-quarter result is a clear indication that our financial and operating strategy is effective.

我們的管理團隊致力於優先考慮持續獲利能力，並透過收入成長、毛利率擴張、成本節約和簡化流程來培育持續改善的文化，到 2024 年 12 月實現正調整後的 EBITDA 運作率。連續第二季創紀錄的季度業績清楚地表明我們的財務和營運策略是有效的。

And now, I'd like to turn the call back over to Brendan for a few final comments. Go ahead, Brendan.

現在，我想將電話轉回給布倫丹，徵求一些最後的意見。繼續吧，布倫丹。

Thanks, Michael. We are thrilled to have delivered our second consecutive quarter of absolutely record-breaking revenue growth. We had to push the team to think outside of the box while adopting a methodical and consistent approach to reducing operating expenses. Given our performance to date and the visibility we have, we've raised our revenue target for the full year to $128 million to $33 million, and we have reiterated our goal of targeting positive adjusted EBITDA by December 2024.

謝謝，麥可。我們很高興連續第二季實現了絕對破紀錄的收入成長。我們必須推動團隊跳出框框思考，同時採用有條理且一致的方法來減少營運費用。鑑於我們迄今為止的業績和知名度，我們已將全年收入目標提高至 1.28 億至 3300 萬美元，並重申了到 2024 年 12 月實現正調整 EBITDA 的目標。

We are very proud of this team and the effort this past quarter, but we are excited even more about what the future holds for Blink as we continue the focus on fundamentals. And we remain committed to delivering disciplined and continuous improvement as we charge towards profitability and breakeven in December of 2024.

我們為這個團隊和上個季度的努力感到非常自豪，但隨著我們繼續關注基本面，我們對 Blink 的未來感到更加興奮。我們仍然致力於在 2024 年 12 月實現盈利和盈虧平衡的同時，提供嚴格的、持續的改善。

So with that, I believe we are now open and ready for questions. So we'll turn it over to the operator.

因此，我相信我們現在已經準備好接受提問了。所以我們會把它交給操作員。

(Operator Instructions) Robert Jamieson, UBS.

（操作員說明）Robert Jamieson，UBS。

Hey, guys. Congrats on a great quarter. Really nice to see the revenue growth. I guess just to focus a little bit on gross margin, just given the strength in product sales, obviously, charging revenue is solid as well. But just want to talk about the gross margin profile between your Level 2's and DCFCs as these become a larger portion. How should we think about that going forward?

大家好。恭喜您度過了一個出色的季度。很高興看到收入成長。我想只是稍微關註一下毛利率，考慮到產品銷售的強勁勢頭，顯然，收費收入也很穩定。但我只想談談 2 級和 DCFC 之間的毛利率概況，因為它們所佔的比例越來越大。未來我們該如何思考這個問題？

Yeah, it's a good question. So when we break out the two of course on our L2 and our Series 9, we have very, very robust gross profit on a per new unit retail. DC Fast Charger, on an aggregate level, lags behind. And what we are doing, and we began doing this month and actually the previous quarter is we started to introduce Blink built-and-manufactured DC Fast Chargers. The first was our Series 9 charger, which it is a 30 to 40-kilowatt charger, mostly fleet and dealerships, but it's the number one seller we sell.

是的，這是一個好問題。因此，當我們在 L2 和 Series 9 上將兩者分開時，我們的每新單位零售毛利非常非常強勁。直流快速充電器在總體水平上是落後的。我們正在做的事情，我們從本月開始做，實際上上個季度我們開始推出 Blink 內建和製造的直流快速充電器。第一款是我們的 Series 9 充電器，它是一款 30 至 40 千瓦的充電器，主要銷售給車隊和經銷商，但它是我們銷售排名第一的充電器。

We've improved the gross margin on that product, and we expect to see as we sell more of those in the balance of this year into next year. And as we've previously announced, we're working on our own 240 DC Fast Charger, which will be a silicon carbine model. That will either be 100% manufactured at Blink or manufactured through a contract manufacturer where our gross product margin hits our targets, and we're finalizing those plans.

我們已經提高了該產品的毛利率，並且預計我們將在今年剩餘時間和明年銷售更多產品。正如我們之前宣布的，我們正在開發自己的 240 DC 快速充電器，它將是矽卡賓型號。這要么 100% 在 Blink 製造，要么透過合約製造商製造，我們的毛利率達到我們的目標，我們正在敲定這些計劃。

So each step of the way, we're looking at the portfolio and we're saying, here are our margin targets. Let's make sure we balance the portfolio on both DC Fast Chargers and L2's to get to the aggregate target. And so far so good, but we have more work to do on that and we've already laid the groundwork to achieving all those goals.

因此，每一步，我們都會審視投資組合，並說，這是我們的利潤目標。讓我們確保平衡直流快速充電器和 L2 的產品組合，以實現整體目標。到目前為止一切順利，但我們在這方面還有更多工作要做，我們已經為實現所有這些目標奠定了基礎。

In areas where you can continue to control some of your operating expenses, I know you've got ongoing programs where you're trying to consolidate some of your redundant systems, move things onto the Blink network. Just curious, when we look through the rest of this year and then into '24, are are those -- which is going to basically drive most of that improvement? Are there any other levers that we should be thinking about as we look at the next year?

在您可以繼續控制部分營運費用的領域，我知道您正在實施一些計劃，試圖整合一些冗餘系統，將其轉移到 Blink 網路上。只是好奇，當我們回顧今年剩下的時間，然後進入 24 年時，這些基本上會推動大部分改進嗎？展望明年，我們還該考慮其他槓桿嗎？

Yeah. It's predominantly at first. So when we see some of the savings start to trickle in in Q4, it's going to be around network. Q1 next year, you're going to see systems integrations on back office, net suites, sales force, other ancillary systems that will go from a country basis to a global basis. And then you're going to see more ancillary software applications that reduce the need for human capital across the board.

是的。主要是一開始就這樣。因此，當我們看到第四季度開始出現一些節省時，它將圍繞網路進行。明年第一季度，您將看到後台、網路套件、銷售人員和其他輔助系統的系統集成，這些系統集成將從國家/地區擴展到全球。然後您將看到更多的輔助軟體應用程序，全面減少對人力資本的需求。

So what we don't have is a one-lever approach on this; we have a multiplicity of levers. And to get there, we took one of the major consulting companies who did a complete analysis on how do we get to this EBITDA number. So we analyzed the whole business globally and we looked at both where we added enhanced revenue and where the additional both cost-avoidance strategy and cost-cutting strategies need to come into play.

因此，我們對此並沒有採取單一手段；我們有多種槓桿。為了實現這一目標，我們聘請了一家主要顧問公司，他們對我們如何獲得這個 EBITDA 數字進行了完整的分析。因此，我們分析了全球範圍內的整個業務，並研究了我們在哪些方面增加了收入，以及在哪些方面需要發揮額外的成本規避策略和成本削減策略。

And it is a very robust plan, and we are working towards that plan. We look to -- it's going to -- most of it you'll see come into effect in the first year and then trickle in -- and the first half of next year. And then as we get into the second half, you see Q3 with a net results all manifesting in Q4 of next year.

這是一個非常穩健的計劃，我們正在努力實現該計劃。我們希望——你會看到其中大部分在第一年生效，然後慢慢進入——以及明年上半年。然後，當我們進入下半年時，您會看到第三季的淨結果全部體現在明年第四季。

Excellent. Thanks for taking my question. Congrats again.

出色的。感謝您提出我的問題。再次恭喜。

Sure. Thank you.

當然。謝謝。

Craig Irwin, Roth MKM.

克雷格歐文，羅斯MKM。

Good evening, gentlemen. Congratulations on this chunky revenue result. I wanted to ask Brendan, if you could talk a little bit about what's working specifically for Blink here, right? Your growth rates are materially above that of the rest of your peers, what we're seeing across the industry. I understand Level 2 is a point of strength, obviously for Blink and the market right now.

晚上好，先生們。恭喜你取得如此豐厚的收入。我想問 Brendan，您是否可以在這裡談談專門為 Blink 工作的內容，對嗎？正如我們在整個行業中看到的那樣，您的成長率大大高於其他同行。我知道 2 級是一個優勢點，顯然對於 Blink 和目前的市場而言。

Can you maybe speak about whether or not this is market-related, Blink specific as far as the products that you're offering? And can you maybe talk about the relative availability of some of the funding support out there for your customers to use these Level 2 products on, and whether or not this is having a beneficial impact versus some of the challenges in the fast charging area of the market?

您能否談談這是否與市場相關、Blink 特定於您提供的產品？您能否談談為您的客戶使用這些 2 級產品提供的一些資金支持的相對可用性，以及這是否對快速充電領域的一些挑戰產生有益的影響市場？

Yeah. So first, I don't know if we're unique or not. I think we're unique in the way that our flexible model doesn't say no to a customer, right? And if the customer is a good site host and it's accretive towards high utilization, we can pay for it all and derive revenue. If it's not, we have the product and services that are competitive.

是的。所以首先，我不知道我們是否是獨一無二的。我認為我們的獨特之處在於我們的靈活模式不會對客戶說不，對吧？如果客戶是一個好的網站託管商並且它可以提高利用率，我們就可以支付全部費用並獲得收入。如果不是，我們擁有有競爭力的產品和服務。

But when you add into that, and this is really the point of differentiation, the fact that on the majority of L2's that we sell, there's still some that are third party. But on the majority we sell in the US, it's all shifted to our own manufacturing. And we control that cost. We build the parts to some degree in India. We build all the way down the sub-assemblies in Bowie, Maryland. We put those together at a much lower COGS.

但當你添加到這一點時，這確實是差異化的一點，事實上，在我們銷售的大多數 L2 中，仍然有一些是第三方的。但我們在美國銷售的大部分產品都轉移到我們自己的製造。我們控制該成本。我們在某種程度上是在印度生產零件的。我們在馬裡蘭州鮑伊建造了整個子組件。我們把這些放在一起，成本要低得多。

And that makes us hyper competitive, especially when we add the networks to it, which we designed on our own network. Others can't do that. And we're also not subject to supply constraints. We'll take the post office. We were the first company in with the post office because it was easier for us, not that it's difficult, in general, it is a big task, to increase production while servicing all of our other customers and then meeting the timelines of the post office simultaneously.

這使我們極具競爭力，特別是當我們添加我們在自己的網路上設計的網路時。其他人做不到這一點。而且我們也不受供應限制。我們去郵局。我們是第一家與郵局合作的公司，因為這對我們來說更容易，而不是困難，總的來說，這是一項艱鉅的任務，在為所有其他客戶提供服務的同時提高產量，然後滿足郵局的時間表同時地。

So that is what set us apart. We could still get a very effective margin on the post office deal and yet be ahead of all of our customers -- our other competition in winning that same deal where others couldn't do that. And we continue to do that.

這就是我們與眾不同的原因。我們仍然可以在郵局交易中獲得非常有效的利潤，同時領先於我們所有的客戶——我們在贏得相同交易方面的其他競爭對手，而其他人卻無法做到這一點。我們將繼續這樣做。

The great thing about the post office deals, we've won other fleet deals, both commercial fleet sales, and we had another one in just the other day of a $2 million deal. And it's that competitive advantage from manufacturing and from this cost-effective model that we can get in there and maintain high margins.

郵局交易的偉大之處在於，我們贏得了其他車隊交易，都是商業車隊銷售，而且就在前幾天，我們又贏得了價值 200 萬美元的交易。正是來自製造和這種具有成本效益的模式的競爭優勢，我們才能進入並保持高利潤。

DC Fast Charger, it's a different story, right? You're not going to get as high as margin, but if you can get the volume in, it's very good for revenue. And then you have to ship the manufacturing. In answer to the question, yeah, there's a lot more L2's deals out there, utility driven and local driven on a rebate format or in conjunction with utility bill, even for multifamily billings and other. And we continue to align with those programs across the United States in Florida and in other jurisdictions that offer them.

直流快速充電器，這是一個不同的故事，對吧？你不會獲得那麼高的利潤，但如果你能增加銷量，這對收入來說是非常有利的。然後你必須運送製造品。回答這個問題，是的，還有更多的 L2 交易，公用事業驅動和本地驅動的回扣格式或與公用事業賬單結合，甚至適用於多戶家庭賬單和其他。我們將繼續與美國佛羅裡達州和其他提供這些計劃的司法管轄區的這些計劃保持一致。

And it's just -- I mean, Craig, I can't say more about the maintenance and the upkeep difference between a heavy DC fleet and a heavy L2 fleet. It's just remarkably different in terms of the upkeep, the maintenance. And as we've discussed many, many times, if I'm looking at an owner-operator model, an install of an L2 that is full turnkey by Blink, I just need 18 months for a payback on 10% utilization. And if it's a hybrid, I need a year at 10% utilization.

只是 - 我的意思是，克雷格，關於重型 DC 機隊和重型 L2 機隊之間的維護和保養差異，我無法說更多。只是在保養、維護方面有很大不同。正如我們多次討論的那樣，如果我考慮的是業主-運營商模式，即安裝 Blink 的全套交鑰匙 L2，我只需要 18 個月即可在 10% 的利用率下獲得回報。如果是混合動力車，我需要一年的使用率才能達到 10%。

That really sets us apart, because you know, by the numbers you've done, DC fast charging doesn't have the same profile.

這確實使我們與眾不同，因為您知道，根據您所做的數據，直流快速充電不具有相同的配置文件。

Understood. That makes a whole lot of sense. So the second question I want to ask is about your revenue guidance. So $128 million to $133 million is a nice increase, obviously, following through on the strength in the third quarter. That implies that the consensus numbers are bracketed by what you're giving us as guidance tonight.

明白了。這很有道理。所以我想問的第二個問題是關於你們的收入指引。因此，繼第三季的強勁成長之後，顯然，1.28 億美元增至 1.33 億美元是一個不錯的成長。這意味著共識數字包含在您今晚為我們提供的指導中。

Can you maybe talk a little bit about the sequential progression here? Is there may be some conservatism in the way that you're looking at the fourth quarter, or is there potentially some supply chain considerations? Or maybe are you anticipating just a small impact of the move to the new facility in Bowie, Maryland having a short-term impact on your throughputs? Can you maybe just describe this sequential impact?

您能談談這裡的順序進度嗎？您對第四季的看法是否可能有些保守，或者是否可能存在一些供應鏈的考量？或者您是否預計搬遷到馬裡蘭州鮑伊的新工廠只會對您的吞吐量產生短期影響？您能否描述一下這種連續影響？

Sure. Yeah, so let's start with the last one. So we don't anticipate. We're going to do parallel processing out of Bowie. So as the new facility comes online, we'll still be processing out of the Tesla drive location, and then the new location will begin operations.

當然。是的，所以讓我們從最後一個開始。所以我們不預測。我們將利用 Bowie 進行平行處理。因此，當新設施上線時，我們仍將在特斯拉駕駛地點進行處理，然後新地點將開始運作。

So you might have a 24-hour cycle with an interruption, but it won't be anything more than 24, maybe, maybe 36 at the outset. Otherwise, the team has got a good plan together to ramp up and change very, very quickly.

因此，您可能有 24 小時的週期，其中有中斷，但一開始不會超過 24 小時，也許 36 小時。除此之外，團隊已經制定了一個很好的計劃，可以非常非常快速地提升和改變。

Now when we look at what happened, and yeah, there was a little bit -- we got the opportunity to ship, and we had a lot more product come in in the month that was already booked. And the warehouse situation, as Craig, I've discussed with you, the past isn't great, right?

現在，當我們看看發生的事情時，是的，有一點——我們有機會發貨，而且我們在已經預訂的那個月收到了更多的產品。至於倉庫的情況，正如克雷格，我已經和你討論過，過去的情況不太好，對吧？

So we want to maintain a throughput push. So instead of holding and saying, hey, we'll count that next quarter, we pushed everything through because we had a whole bunch of bookings that were coming in in terms of product into the warehouse for Q4. And frankly, we couldn't hold both, right? So that increased revenue.

因此，我們希望保持吞吐量的成長。因此，我們沒有等待並說，嘿，我們將在下個季度進行統計，而是推動了一切，因為我們有大量的訂單進入了第四季度的倉庫。坦白說，我們不能兩者兼得，對嗎？這樣收入就增加了。

We had some of those bookings who are going to be in Q4, but they ended up in Q3, which really gave us a good number. So there's a smoothing effect going in to Q3 where it's not going to be as high as the number as we saw this month, but it's still going to be one of the best we've ever had.

我們有一些預訂將在第四季度進行，但最終在第三季度進行，這確實給了我們一個很好的數字。因此，第三季會出現平滑效應，它不會像我們本月看到的那樣高，但它仍然是我們有史以來最好的之一。

Excellent, excellent. And then last question, if I may. Your charging service revenue is doing fantastic. So you're obviously seeing the same benefit that EV go is. People are driving that EVs more and using third-party charging more.

優秀，優秀。最後一個問題，如果可以的話。你們的充電服務收入非常出色。因此，您顯然會看到與 EV go 相同的優勢。人們越來越多地駕駛電動車並更多地使用第三方充電。

But can you maybe talk about your mix of end points and your expectations for utilization on the network? I know there's some legacy endpoints versus endpoints that you've invested in more recently. How do you feel about the potential for continued increases in utilization and throughputs on the network?

但是您能否談談您的端點組合以及您對網路利用率的期望？我知道有一些舊端點與您最近投資的端點不同。您如何看待網路利用率和吞吐量持續成長的潛力？

Yeah. We feel very good about the choices we've been making over the last three-plus years. As you indicated, we had some legacy charges out there that weren't doing as well. But we analyze the book of business on and let's go to begin our owner-operator model both in Europe and in the US.

是的。我們對過去三年多來所做的選擇感到非常滿意。正如您所指出的，我們有一些遺留費用效果不佳。但我們分析了商業手冊，然後開始我們在歐洲和美國的所有者-經營者模式。

We're seeing greater than 15% utilization on average in the majority of charges that we installed using our new methodology. And there's no wacky science to the new methodology. It's basically a platform of RTIS appended with a lot of data. It looks at how many charges are coming into the space including competitors, looks at how many EVs are going to be sold, looks at the geographic implications of where the site has, and make sure that that site meets our projected utilization.

我們發現，使用新方法安裝的大多數收費的平均利用率超過 15%。新的方法論並沒有什麼古怪的科學根據。它基本上是一個附有大量資料的RTIS平台。它著眼於包括競爭對手在內的該領域的充電量，著眼於將銷售多少電動車，著眼於該站點所在位置的地理影響，並確保該站點滿足我們的預計利用率。

And we've been using that in Europe and the US in a disciplined manner since about November of 2020. And those sites and those new installations that have happened do much better.

自 2020 年 11 月左右以來，我們一直在歐洲和美國以嚴格的方式使用它。這些網站和已經發生的新安裝效果要好得多。

Now, we're also working with the older sites. And where we can upgrade, move, or chargers, we're doing so. We're doing some upgrades now on locations where we believe that with new equipments that is higher than the existing infrastructure, which is mostly 50 kilowatt, we're going to get a higher degree of utilization on that. The operations team led by the COO, Mike Battaglia, has that underway.

現在，我們也在與舊網站合作。在我們可以升級、移動或充電的地方，我們都會這樣做。我們現在正在對一些地點進行一些升級，我們相信，透過比現有基礎設施（大部分為 50 千瓦）更高的新設備，我們將獲得更高程度的利用率。由首席營運長 Mike Battaglia 領導的營運團隊正在進行這項工作。

So that will give us some benefit, but it's going to be marginal. So it's really sticking to our guns on the owner-operator model with the hybrid or other on making sure we have a disciplined approach to both investments and the charter placement.

所以這會給我們帶來一些好處，但效果很小。因此，我們確實堅持採用混合或其他混合模式的業主-營運商模式，以確保我們對投資和包機安排採取嚴格的方法。

Excellent. Well, congratulations on this progress. I'll go ahead and hop back in the queue.

出色的。好吧，祝賀這項進展。我會繼續並跳回到隊列中。

Sure.

當然。

Stephen Gengaro, Stifel.

史蒂芬·根加羅，斯蒂菲爾。

Thanks. Good evening, everybody. I guess the first for me is when I look at -- and you talked a little bit about this, but when you look at the product sales, the product sales were obviously very strong.

謝謝。晚上好大家。我想對我來說，第一個是當我看到——你談到了這一點，但是當你看到產品銷售時，產品銷售顯然非常強勁。

Can you talk about where they're going? What were the big drivers or end markets where the product sales were going that drove it so strongly sequentially?

你能談談他們要去哪裡嗎？產品銷售的主要驅動因素或終端市場是什麼，導致其連續強勁成長？

Yeah. So I'll break them down in the big categories, right? And one's going to be up a general kitchen sink. So we continue to have a robust level of dealership and commercial fleet, which is increasing overtime. As we started with dealerships, now we're moving that fleet business beyond dealership into other companies. We'll have a pretty significant announcement on one of those commercial fleet.

是的。所以我會把它們分成大類，對嗎？一個將在一個普通的廚房水槽上。因此，我們繼續擁有強大的經銷商和商業車隊，而且還在增加。正如我們從經銷商開始的，現在我們正在將車隊業務從經銷商轉移到其他公司。我們將就其中一支商業機隊發布非常重要的公告。

And then municipal fleet. Municipal fleet continues such as the post office, continues to be a very, very big opportunity for us. And as I said earlier, it definitely is one deal begets another deal. And if you did a very good job on that, you're going to get a sales opportunity.

然後是市政艦隊。市政車隊繼續，例如郵局，對我們來說仍然是一個非常非常大的機會。正如我之前所說，這肯定是一筆交易引發另一筆交易。如果你在這方面做得很好，你就會獲得銷售機會。

When we exploit that fleet channel, both municipal and the commercial fleet, it's predominantly sales, right? There are very few owner-operator instances within that. And that adds to that high product sales mix.

當我們利用車隊通路（市政車隊和商業車隊）時，主要是銷售，對吧？其中很少有所有者-運營商實例。這增加了高產品銷售組合。

Now when we get in the other group, that's where it's a mix, and that would be healthcare, which we're big in. We have a multiplicity of contracts with healthcare organizations all across the United States from Cleveland Clinic to Lehigh Valley Health to Kaiser Permanente, and I'm probably missing about 10 that the COO would yell at me for not mentioning.

現在，當我們進入另一組時，那就是混合體，那就是醫療保健，這是我們的重點領域。我們與美國各地的醫療保健組織簽訂了多種合同，從克利夫蘭診所到利哈伊谷健康中心，再到Kaiser Permanente，我可能錯過了大約 10 個，首席營運長會因為我不提而對我大喊大叫。

But that sends to looks -- at it's a split between the two, someone own them, and others want an owner-operator model. And then it's a 50-50 split on the hybrid model, so which reduces our CapEx involvement. That is another big book of business, and the rest is a kitchen sink of others.

但這引起了人們的注意——兩者之間存在分歧，有人擁有它們，而其他人則想要一種所有者-經營者模式。然後，混合模型的比例為 50-50，這樣就減少了我們的資本支出投入。那是另一本大書，剩下的就是別人的廚房水槽了。

We mentioned the McDonald's for their largest franchise. That's the second we'll call it a catch-all, which is all those customers that we have. But this need for the sale of the chargers as we look at, and this is -- it gives us a lot of faith for the future, right?

我們提到麥當勞是因為他們最大的特許經營權。這是我們稱之為包羅萬象的第二個，就是我們擁有的所有客戶。但正如我們所看到的，這種銷售充電器的需求給了我們對未來很大的信心，對嗎？

When we look at that 30 million charger need and that's at 35% pen rate. And we've got to keep in mind, California in 2023, they're at [22%]. So they're almost -- they're getting towards that number pretty quick on there. That is 28-plus million of them are chargers that are L2 that are designated for multifamily dwelling. They're designated for fleet, they're designated for other municipal fleet, and for in-home charging.

當我們考慮 3000 萬個充電器的需求時，這是以 35% 的筆率計算的。我們必須記住，到 2023 年，加州的比例將達到 [22%]。所以他們幾乎——他們很快就達到了這個數字。其中超過 28 百萬個是專為多戶住宅設計的 L2 充電器。它們被指定用於車隊、其他市政車隊以及家庭充電。

And that's Blink's sweet spot. So that is where the sales are coming from today, and that's where we see the sales coming from for the foreseeable future.

這就是 Blink 的最佳點。這就是今天的銷售額的來源，也是我們在可預見的未來看到的銷售額的來源。

Great. Now that helps. Thank you. And then the other thing I was going to ask, and I don't know how granular you're willing to give. But when we think about EBITDA positive position by the end of 2024, any ballpark type of quarterly revenue you'd need, or assume there's cost controls involved, there's probably some gross margin improvement. Any targets you can give us as far as growth rate needed to get there?

偉大的。現在這有幫助了。謝謝。然後我要問的另一件事，我不知道你願意給出多詳細的資訊。但當我們考慮到 2024 年底 EBITDA 為正值時，您需要的任何大致類型的季度收入，或假設涉及成本控制，毛利率可能會有所改善。您能給我們提供實現目標所需的成長率目標嗎？

Not yet. So what we're doing is we began to activate the plan, and it's very detailed. When we hit the target for the end of the year, which was the first time we gave guidance out, as you might remember, I was very -- we were very nervous doing that, but we did it and looks like it was the right move to do.

還沒有。所以我們正在做的是我們開始啟動這個計劃，它非常詳細。當我們達到年底的目標時，這是我們第一次給予指導，你可能還記得，我非常——我們這樣做非常緊張，但我們做到了，而且看起來這是正確的移動去做。

We will start to analyze everything and then see if we want to do quarter-by-quarter targets or give general -- we're going to give general guidance we believe for the year after we report out the end of the year on 2024, then we'll assess the need for specific guidance.

我們將開始分析一切，然後看看我們是否想要製定季度目標或給出總體指導——我們將在報告 2024 年年底後給出我們認為的這一年的總體指導，然後我們將評估是否需要具體指導。

But you're right on when we look at what the levers are, so there's cost reduction, there are some personnel reduction due to efficiencies in there and redundancies that are exposed. There is margin enhancement. There is fee enhancements where we can take pricing due to the market says, hey, you can increase and it could be absorbed without any headaches. All of that is baked into the plan.

但當我們看看槓桿是什麼時，你是對的，所以成本降低了，由於效率的提高和暴露的裁員而減少了一些人員。利潤率有所提高。我們可以提高費用，因為市場說，嘿，你可以增加費用，並且可以毫不費力地吸收它。所有這些都已納入計劃。

Excellent. Thank you for the details.

出色的。謝謝您提供詳細資訊。

(Operator Instructions) Noel Parks, Tuohy Brothers.

（操作員說明）Noel Parks，Tuohy Brothers。

Hi. Good afternoon.

你好。午安.

Hey.

嘿。

Just had a couple of things. Just sort of a general perspective. I was wondering maybe what you're thinking about or maybe what you're measuring around the power of your brand and the reputation as far as charger up tractor availability? It's something that we clearly have more expansion. People have more experience with different operators. It seems to me those are things that are increasingly going to be. So any thoughts you have on that would be great.

只是有幾件事。只是一種整體觀點。我想知道您正在考慮什麼，或者您正在衡量您的品牌力量和拖拉機可用性的聲譽？我們顯然有更多的擴展。人們對不同的運營商有更多的經驗。在我看來，這些事情將會越來越常發生。所以你對此有任何想法都會很棒。

Oh, yes. So it's a huge focus of the company. And I've said this before and we'll continue to say it, when we talked about quality, let's put quality in holistic bucket. It's from everything we say to everything we do to everything we build and everything we maintain. What we had a focus on quality, it was, let's say, X, and now it's definitely Y we talk about it every day.

哦是的。所以這是公司的一個重點。我之前已經說過，我們會繼續這樣說，當我們談論品質時，讓我們把品質放在整體上。從我們所說的一切，我們所做的一切，到我們建造的一切和我們所維護的一切。我們以前關注的品質是 X，現在肯定是 Y，我們每天都在談論它。

We are fully participating in the US government subcommittee that's looking at charging quality. We're fully involved in California. Our CTO is taking great steps to make sure that we meet the minimum and plus-plus on what the quality standards that are coming out of both California and out of the federal study that he actually participates in. And then we're working on both downstream quality to make sure that everything about our chargers and the network work.

我們正在全面參與美國政府負責充電品質的小組委員會。我們全面參與加州事務。我們的首席技術官正在採取重大措施，以確保我們滿足加利福尼亞州和他實際參與的聯邦研究中提出的最低質量標準和附加質量標準。然後我們正在努力解決這兩個問題下游質量，以確保我們的充電器和網路的一切正常運作。

When we look at, and we analyze and we break down what the quality issues are, it's over 85% of all the coming customer connectivity. And it's either the network, the cellular connection, the screen, or the credential and ID. So we are eliminating points of contact where possible to make sure when a customer engages with our charger, there's a limited amount of points of failure. And that's what the team is doing.

當我們查看、分析並分解品質問題時，發現超過 85% 的客戶連線都存在品質問題。它要么是網路、蜂窩連接、螢幕，要么是憑證和 ID。因此，我們正在盡可能消除接觸點，以確保當客戶使用我們的充電器時，故障點數量有限。這就是團隊正在做的事情。

And some of this also goes into everyone maturing as a company. And make sure that you place chargers in the correct location where they can connect to a network and then you eliminate the ones that don't, or when you go into that installation, you come up at a higher budget on your capital expense to enhance the level of connectivity so that there's no interruption. And these are all things that Blink is doing. And I should say, the industry as a whole is coalesced to improve that level of quality.

其中一些也影響到每個人作為一個公司的成熟。並確保將充電器放置在可以連接到網路的正確位置，然後消除那些無法連接到網路的充電器，或者當您進行安裝時，您的資本支出預算會更高，以增強性能連接級別，以便不會出現中斷。而這些都是Blink正在做的事情。我應該說，整個行業正在聯合起來提高品質水準。

And the last part of that is you really got to look at your legacy portfolio and you've got to make a decision on some of these chargers and especially ones that are owned by individuals that don't upgrade them. And frankly, you have to be aggressive. You have to take them off the market. And sometimes you have to negotiate with the owner to say, hey, we keep getting bad knocks on this because you won't buy new charger or want to upgrade this. And those are difficult conversation.

最後一部分是，您確實必須審視您的遺留產品組合，並且必須對其中一些充電器做出決定，尤其是那些不升級它們的個人所擁有的充電器。坦白說，你必須具有侵略性。你必須將它們從市場上撤下。有時你必須與車主協商說，嘿，我們一直受到不好的批評，因為你不會購買新的充電器或想要升級它。這些都是困難的談話。

But across the board, on all those levers, Blink is fully engaged and we are seeing improvement.

但總體而言，在所有這些槓桿上，Blink 都全力投入，我們正在看到改進。

Great. Thanks. And another thing is amongst some of the startups that are specifically focusing on the commercial market, including some that are looking at, everywhere from delivery to more heavy duty. It does seem that there are -- after what had been maybe a little bit of a COVID era slowdown, it seem that they were on pretty good trajectory as far as adoption, large commercial fleets, you're piloting technology and so forth. But then it seems then just the last quarter or so, we've been getting some signs of there being a bit of a chill there as far as end customers actually pulling the trigger and moving ahead with orders.

偉大的。謝謝。另一件事是一些專門專注於商業市場的新創公司，包括一些正在關注從交付到更重型的各個領域的新創公司。看起來確實有——在新冠疫情時代可能出現了一點放緩之後，它們在採用、大型商業車隊、試點技術等方面似乎處於相當好的軌道上。但似乎就在上個季度左右，我們已經收到一些跡象，表明最終客戶實際扣動扳機並繼續訂單。

I just wondered if any of the -- you saw any of that filtering down through charger sales, fleet discussions, and so forth.

我只是想知道您是否透過充電器銷售、車隊討論等看到了這些內容。

Yeah. So hands down, the number one uptick right now is fleet. And what we're not seeing is we're not seeing an accelerated bookings to revenue fallout, right? It's remaining flat, and in fact it's improving from what it was before. So even in 60 and 90 days -- 60, 90, and sometimes 180 days out, on the time for when you booked it to the one you're going to get the revenue, we're not seeing significant fallout in any of those numbers right now. And a lot of that is fleet.

是的。因此，毫無疑問，目前排名第一的成長是快速成長。我們沒有看到的是，我們沒有看到預訂量加速對收入造成影響，對嗎？它保持平穩，事實上它比以前有所改善。因此，即使在 60 天和 90 天（60 天、90 天，有時甚至是 180 天）內，在您向您將要獲得收入的預訂時，我們也沒有看到其中任何一個出現重大影響現在的數字。其中很多都是艦隊。

You're one-offs are really quick delivery cycle, that 30 to 60 days. So it's your longer commitments and fleet that we're going to really look at. And those are the commercial ones that you win, the missable ones like the post office.

您一次性的交貨週期非常快，即 30 到 60 天。因此，我們真正關注的是您的長期承諾和機隊。這些是您贏得的廣告，以及像郵局這樣容易錯過的廣告。

We're already in our second tranche in the post office. And we got so much more to go because that's 43.5 -- 44,500 chargers or something, I might have gotten there off a little bit on that. I'm thinking about our revenue number again 43 -- [$44.3 million].

我們已經在郵局進行第二批了。我們還有很多事情要做，因為那是 43.5 - 44,500 個充電器或其他東西，我可能已經在這方面稍微做了一些。我再次想到我們的收入數字 43——[4,430 萬美元]。

So even on that, there's no fall off. We did the first tranche, the second tranche. So the post office is fully committed. So nothing -- and even -- we see it uptick in install multifamily dwelling and all these other areas too. So I'd say from who we're dealing with and what we're seeing on the business front, everybody is engaged, and it's an uptick. We're not seeing much fallout at all in any customer segments.

所以即使這樣，也沒有下降。我們做了第一期，第二期。因此，郵局全力以赴。因此，我們沒有看到多戶住宅和所有其他領域的安裝量上升。因此，我想說，從我們正在與誰打交道以及我們在業務方面看到的情況來看，每個人都參與其中，而且參與度有所上升。我們沒有看到任何客戶群受到太大影響。

Great. Thanks for the detail. Bye-bye.

偉大的。謝謝你的詳細資料。再見。

Chris Pearce, Needham.

克里斯皮爾斯，李約瑟。

Oh, hey. Good evening, everybody. Could you just talk about -- I know you talked about on the last call reasons why gross margins might be down sequentially in the second quarter -- ending in the second half of '23 but then they might accelerate in '24. Can you just refresh our memory on that? I think it was legacy charging equipment that you hadn't built.

噢！嗨。晚上好大家。您能否談談 - 我知道您在上次電話會議上談到了毛利率可能在第二季度連續下降的原因 - 在 23 年下半年結束，但隨後可能會在 24 年加速。你能幫我們回憶一下嗎？我認為這是您沒有建造的傳統充電設備。

And then you mentioned in response to a question, potentially using a third party to build Level 3 chargers. So I was just curious why you'd want to go down that road again.

然後您在回答問題時提到，可能會使用第三方來建立 3 級充電器。所以我只是好奇你為什麼想再走那條路。

Yeah. So it's an option. So we have -- let's start with the last one and move forward, and remind me if I didn't get the first one. But let's go to the last one.

是的。所以這是一個選擇。所以我們——讓我們從最後一個開始，然後繼續，如果我沒有得到第一個，請提醒我。但讓我們看看最後一個。

So we've got a fully dedicated study that is almost completed on building our own DC Fast Charger, the 240, where that would take place and what the cost structure will be. We also have a study going on on the analysis on third party, what that hit on capital budget will be, et cetera.

因此，我們進行了一項完全專門的研究，即將完成，旨在建造我們自己的直流快速充電器 240，研究將在哪裡進行以及成本結構如何。我們也正在進行一項研究，對第三方進行分析，對資本預算的影響等等。

So we haven't made a final decision here. What we're going to do is make the right decision for Blink and for Blink shareholders and the bottom line of the company. We have our eye and our bias towards gross margin, but we also have to look at the whole financial equation to make sure that works for what we need to do.

所以我們還沒有在這裡做出最終決定。我們要做的就是為 Blink、Blink 股東以及公司的底線做出正確的決定。我們有自己的眼光和對毛利率的偏見，但我們也必須審視整個財務方程式，以確保它適合我們需要做的事情。

Now, when we say contract manufacturing on that, we would never -- if we decided to move forward with manufacturing on that, we're not going to go and buy and say, hey, we'll use your design that looks like our design. It will be our charger. So it will be designed to our spec, and we're going to source the product with them to make sure we get it down to a level that maintains our margin. That is what we're looking at right now.

現在，當我們說合約製造時，我們永遠不會 - 如果我們決定繼續製造，我們不會去購買並說，嘿，我們將使用您的設計，看起來像我們的設計設計。這將是我們的充電器。因此，它將根據我們的規格進行設計，我們將向他們採購產品，以確保我們將其降低到維持利潤的水平。這就是我們現在正在關注的。

Now that could change, right? It could change or pivot as more data becomes available, but that's where we are on the topic. We'll have a final decision on that out shortly. As I said, the product is in final prototype design to functional units now, and then we'll have a final assessment on it.

現在情況可能會改變，對吧？隨著更多數據的出現，它可能會發生變化或發生變化，但這就是我們討論的主題。我們很快就會對此做出最終決定。正如我所說，該產品現在正處於最終原型設計到功能單元的階段，然後我們將對它進行最終評估。

And what was the -- I forgot the other one already, I'm sorry.

那是什麼——我已經忘了另一件事了，抱歉。

Oh, no problem. Sequential gross margins in Q3 versus Q2, and what what's your gross margin for '24.

哦，沒問題。第三季與第二季的連續毛利率，以及 24 年的毛利率是多少。

Yeah. So you hit it. You hit some of it already. Yeah. A lot of DC Fast Charger took us down from the higher number that we had in that. And there's still -- we have quite a bit, we had less legacy that we worked through in Q2. We still have -- on a percentage basis, it's low, but when it impacts margin, it tends to have a greater impact because of where you're at.

是的。所以你擊中了它。你已經做到了一些。是的。許多直流快速充電器使我們的數量從我們擁有的較高數量下降。而且我們還有很多，我們在第二季完成的遺留工作較少。從百分比來看，我們仍然很低，但當它影響利潤率時，由於你所處的位置，它往往會產生更大的影響。

We still have some legacy. I would estimate the legacy is less than 5% and we'll get your correct number on that, but I'm doing an estimate in my head. It's less than 5% of aggregate that we have in stock and that we're currently selling. But it's still there. It is predominantly on L2, and it's legacy that we have both in the United States and in England and in Europe that we're working through.

我們仍然有一些遺產。我估計遺產少於 5%，我們會得到你的正確數字，但我正在腦子裡做一個估計。這還不到我們目前正在銷售的庫存總量的 5%。但它仍然存在。它主要在 L2 上，這是我們在美國、英國和歐洲所擁有的遺產，我們正在努力解決這個問題。

Okay. Perfect. And just lastly, you talked about Level 3 demand, and we saw you just answered this question around it. Would you say Level 2 demand is slowing, or you wouldn't frame it that way? You would just say Level 3 demand is growing at a faster rate than you expected.

好的。完美的。最後，您談到了 3 級需求，我們看到您剛剛回答了這個問題。你會說二級需求正在放緩，還是你不會這樣定義？您可能會說 3 級需求的成長速度比您預期的要快。

So I've been blessed with getting to work for big DC Fast Charger companies and then getting to work for Blink that's predominantly L2 that does some DC fast charging. The pace of L2 is increasing dramatically. Although if you do a share of voice analysis, all you hear about is DC fast charging. But that share of voice analysis doesn't equate to the volume.

因此，我很幸運能夠在大型直流快速充電器公司工作，然後在 Blink 工作，該公司主要是 L2，負責一些直流快速充電。 L2 的步伐正在急劇加快。不過如果你做一下語音分析的話，你聽到的都是直流快充。但語音分析的份額並不等於音量。

All the L2 lines are increasing dramatically. And that makes sense because 90%-plus of the charging takes place on L2. So now, we're starting to see higher velocity and throughput on that, which makes sense with every piece analysis that ever has been done in the industry.

所有 L2 線都在急劇增加。這是有道理的，因為 90% 以上的充電發生在 L2 上。所以現在，我們開始看到更高的速度和吞吐量，這對於產業中進行的每項分析都是有意義的。

Okay. Thank you.

好的。謝謝。

We have reached the end of our question-and-answer session. And I will now turn the call back to Vitalie Stelea for closing remarks.

我們的問答環節已經結束。現在，我將把電話轉回給維塔利·斯特萊亞 (Vitalie Stelea)，讓其致閉幕詞。

Thank you, Kelly. And thank you to all of you on the phone and the webcast as we announce another record quarter for Blink. This concludes our call today.

謝謝你，凱利。在我們宣布 Blink 季度再創新高之際，感謝所有透過電話和網路直播的人。我們今天的電話會議到此結束。

Thank you. This does conclude today's conference. You may disconnect your phone lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。此時您可以中斷電話線。感謝您的參與。